CENTRAL BANK POLICY. Not the least interesting point in Mr.
Hose's remarks was the emphasis which he laid upon the great part played nowa- days by well-constituted and organized Central Banks in ministering to the stability of currency and exchange. If any proof, says Mr. Hose, were needed of the benefit conferred by the Central Bank system operating on a free Gold or Gold
(Continued on page 612.) Financial Notes-- -
(Continued from page 010 1
exchange standard, it is to be found in recent events in the Latin American countries. But for the fact of our'F,wn Bank operating on a Gold basis, the position to-day would un- doubtedly have been much worse than it is. During the past year, however, the sterling value of the currency of the Argen- tine declined by 151 per cent., that of Uruguay by 121 per cent., and that of Spain by 23 per cent., none of these countries, of course, working on the basis of a free Golds standard. The observation by the Chairman of the Anglo-South American Bank was a timely one. Already Spain is believed at last to be paying serious attention to her currency problem, and it may be hoped that when political affairs in Argentina and Brazil have become settled, both countries will give early and adequate attention to the stabilization of their currenCies.
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